CMHC Purchase Plus Improvements Program:  Fund the cost of renovations with less than 20 percent down.

If want to renovate the home you're purchasing, and have less than a 20 percent down payment, the purchase plus improvement program is an excellent way to have the cost of renovations included in your new mortgage. 
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Here's the process: 

1. You must know the costs of renovations that will have to be done by getting official quotes. 
2. When we obtain the mortgage approval on your behalf, the purchase price will be 'as is'. The quotes you obtain for the work will be added on to the mortgage. 
3. The mortgage will then be approved based on the original purchase price plus the cost of renovations.
4. Once your purchase closes, you will have 90-120 days to complete the renovations. The mortgage amount allocated for the renovations will be held in your lawyer's trust account. 
5. Once the renovations have been completed, we will send an appraiser to confirm the work has been completed.
6. One confirmed, the lender will instruct your lawyer to release the funds to you.

If you'd like to know more about this program, contact us today. We would be happy to share how the process works with you.